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Dec 31, 2023
Bentley Systems Q4 2023 Earnings Report
Bentley Systems reported an increase in total revenue and net income, driven by strong subscription growth and strategic investments in AI-driven asset analytics.
Key Takeaways
Bentley Systems announced its Q4 and full year 2023 results, showcasing an 8.3% increase in total revenues for the quarter, reaching $310.6 million. The company's ARR grew by 12.5%, and it reported a net income per diluted share of $0.54, significantly up from $0.08 in the same period last year. The company's financial outlook for 2024 reflects confidence in sustaining consistent organic growth and operating margin improvement.
Total revenues increased by 8.3% year-over-year, reaching $310.6 million.
ARR grew by 12.5%, demonstrating strong recurring revenue performance.
Net income per diluted share rose to $0.54, a substantial increase from $0.08 in the previous year.
The company's 2024 financial outlook anticipates continued organic growth and improved operating margins.
Revenue by Segment
Forward Guidance
The company is sharing the following financial outlook for the full year 2024: Total revenues in the range of $1,350 million to $1,375 million and constant currency growth of 10% to 12%; Constant currency ARR growth rate (business performance, including programmatic acquisitions) of 10.5% to 13%; Adjusted OI w/SBC margin annual improvement of approximately 100 basis points; Effective tax rate of approximately 20%; Cash flow from operations representing a conversion rate from Adjusted EBITDA of approximately 80%; and Capital expenditures of approximately $22 million.
Positive Outlook
- Total revenues in the range of $1,350 million to $1,375 million and constant currency growth of 10% to 12%
- Constant currency ARR growth rate (business performance, including programmatic acquisitions) of 10.5% to 13%
- Adjusted OI w/SBC margin annual improvement of approximately 100 basis points
- Effective tax rate of approximately 20%
- Cash flow from operations representing a conversion rate from Adjusted EBITDA of approximately 80%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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